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The annual interest rate on the loan is 1019 percent of the

A commercial bank will loan you $55,446 for 6 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 10.19 percent of the unpaid balance. What is the amount of the monthly payments?

Round the answer to two decimal places.

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Finance Basics: The annual interest rate on the loan is 1019 percent of the

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